Manulife sees near doubling of group profit

Manulife Financial Corporation has published its financial results for the third quarter of 2024, and the numbers are eye-watering.

Here’s how the insurer performed in the three months ended September 30:

The group’s core earnings, meanwhile, grew from CA$1.74 billion to CA$1.83 billion in the quarter, thanks in part to strong business growth led by the global WAM and Asian segments.

As for the near doubling of its profit, Manulife issued this explanation: “The CA$0.8 billion increase in net income reflects improved market experience and core earnings growth, partially offset by lower tax-related benefits and a higher net charge from the annual review of actuarial methods and assumptions.

“The net gain from market experience in 3Q24 was primarily related to higher-than-expected returns from public equity and net realized gains from the sale of debt instruments, partially offset by lower-than-expected returns on alternative long-duration assets mainly related to real estate investments.”

Roy Gori, Manulife president and chief executive, said the company continued to drive momentum, reporting robust financials that span “record total company core earnings, substantial top-line growth across our operating segments, and steady growth in our book value per share” in the quarter.

“We remain focused on executing against our strategic priorities and delivering on our financial targets to bring a strong close to 2024, and I am optimistic in our ability to continue generating value to our shareholders,” the CEO stated.

Chief financial officer Colin Simpson added that Manulife has returned over CA$2 billion to shareholders since the start of the year through the firm’s common share buyback program.

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